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The essay explores the correlation between Bitcoin halving cycles and bull runs in the crypto market, highlighting how supply constraints and increasing demand drive price appreciation. It emphasizes the risks of conservative investment strategies, the impact of Bitcoin ETFs on institutional participation, and identifies 2025 as a potential turning point in the market dynamics.

The essay argues that Bitcoin's historical halving events have triggered bull markets, suggesting a similar pattern will emerge in 2025. The approval of Bitcoin ETFs could attract significant institutional investment, driving prices up. Investors missing this opportunity risk costly mistakes.

Capital Flows Trump Price Predictions
When analysts debate whether Bitcoin will hit 4,000, 5,000, or 6,000 dollars, they're missing the forest for the trees. The real indicator of a sustainable bull market lies elsewhere—in the housing market. Historically, every significant crypto rally has

The US stock market has long considered itself a global financial barometer. Its rises and falls not only reflect the state of the US economy but also profoundly influence asset allocation decisions of investors worldwide. However, intense market volatility is often not without cause but results from the interplay of deep economic imbalances and external shocks.
Historical Trajectory: The Repetitive Cycle of Major US Stock Market Crashes
Looking back, the US stock market has experienced multiple corrections of varying scales. During the Great Depression in 1929, the Dow Jones Industrial Average plummeted 89% over 33 months, primarily due to excessive leverage and speculative sentiment; on "Black Monday" in 1987, a single-day decline of 22.6% triggered a liquidity crisis caused by programmed trading lock-in effects; during the dot-com bubble era in 2000, the Nasdaq plunged from 5133 points to 1108 points, a decline of 78%.
The subprime mortgage crisis from 2007 to 2009 caused the Dow Jones to fall by 52%, and the 2020 COVID-19 pandemic shock

What is ROI? Understand investment return in one sentence
Return on Investment (ROI) is actually a metric that measures the efficiency of "money making money." Simply put, ROI is the ratio of how much profit you make from an investment of 100 yuan. The formula is: profit generated from the invested money ÷ invested money × 100%.
This concept sounds complicated, but it is especially practical in investment decisions—whether for personal finance or business project evaluation, ROI is an essential indicator.
Detailed explanation and example of ROI calculation formula
Basic ROI formula
ROI = (Net profit - investment cost) ÷ investment cost × 100%
Or: ROI = Net profit ÷ total investment × 100%
It sounds simple, but in actual operation, "net profit"

Under the support of prudent policies, the recent RMB to USD exchange rate has risen strongly, reaching its lowest level in over a year. The Federal Reserve's rate cuts and China's policy guidance have driven appreciation, increasing market interest in RMB trading. Goldman Sachs expects the RMB to continue appreciating, with an expected exchange rate of 6.85 by 2026, reflecting the importance of RMB internationalization.

What is the biggest fear when investing in stocks? It's chasing high and getting trapped. To avoid this tragedy, the Price-to-Earnings ratio (PE) is your most practical screening tool. Many experienced investors often say, "What is the PE of this stock now? The valuation is about right," and in fact, they are using this indicator to judge buy and sell points. So, how do you interpret and use the PE ratio?
What is the PE ratio? Simply put, it's the "payback period."
The PE ratio, also called the Price-to-Earnings ratio, abbreviated as PE, appears as a number. In reality, it answers a very important question: how many years will it take for the earnings from this stock to recover your initial investment?
For a simple example, TSMC's current PE ratio is about 13 times, which means: assuming TSMC's annual profit remains unchanged, it would take 13 years to recover your principal through earnings. The lower the PE ratio, the more it indicates a shorter payback period.

DApps (Decentralized Applications) solve the data security and privacy issues of traditional apps through distributed networks, featuring decentralized operation, programmability, and immutable data. They have been successfully applied in DeFi, GameFi, NFT markets, and decentralized social media, with a market size that is small but has great potential. In the future, DApps are expected to become a key cornerstone of the Web3 ecosystem, but they need to overcome challenges such as high transaction costs and unfriendly user experiences.

Recently, Goldman Sachs' research team released a new report expressing optimism about the RMB's appreciation prospects. The institution predicts that by 2026, the RMB against the US dollar could appreciate to 6.85, further strengthening from the current level. This outlook is based on the dual support of the Federal Reserve's shift in monetary policy and the Chinese government's promotion of RMB internationalization.
The current exchange rate hits a more than one-year low, with an obvious upward trend
As of November 26, the USD/CNY onshore exchange rate was 7.0824, and the USD/CNH offshore exchange rate was 7.0779, both hitting their lowest levels in over a year. This reflects a significant recent strength of the RMB.
The CFETS RMB Exchange Rate Index rose to 98.22 on November 21, reaching a new high since April this year. Behind the data, it not only reflects the support for the RMB from the Fed's rate cut cycle but also indicates the Chinese central bank's

As the global energy transition accelerates, Taiwan's new energy sector is gradually becoming a focus for investors. From solar and wind energy to the electric vehicle supply chain, Taiwanese new energy companies are playing an increasingly important role in this energy revolution. For investors looking to enter this field, understanding which Taiwanese energy stocks are available and their respective advantages is essential for making informed decisions.
Current Situation of Taiwan's New Energy Market: Opportunities and Challenges Coexist
Disparities in the Share of Renewable Energy
Data shows that in 2022, the global share of renewable energy in the power structure approached 30%, while Taiwan's was only 8%. In contrast, advanced European countries have over 40% of their energy from renewables, Japan at 22%, and even Thailand at 18%. This comparison clearly reveals the enormous growth potential of Taiwan's new energy industry.
In terms of energy self-sufficiency, Taiwan imports 97.

In the technical analysis tool library, the KDJ indicator has always been an essential weapon in traders' hands due to its powerful trend capturing ability. Compared to other indicators, why has the KDJ gained such widespread application? This indicator, known as one of the "Three Treasures of Retail Investors," what secrets does it really hide?
Let's start with a practical case: the classic operation of the Hang Seng Index in 2016.
To understand the true power of the KDJ indicator, it's helpful to look at a real market example.
In early February 2016, the Hong Kong Hang Seng Index fell into a continuous decline, hitting new lows every day. But sharp-eyed traders noticed an unusual phenomenon: the stock price kept falling, yet the KDJ indicator line was rising wave after wave, forming a typical bottom divergence pattern. This "betrayal" between price and indicator often signals an impending market reversal.
This judgment was proven correct. On February 19, the Hang Seng Index gapped higher at the open, with a single-day increase of up to 5.27%, pulling out

Have you ever wanted to invest in a company but couldn't find it on major exchanges? That's when OTC over-the-counter trading comes in handy. Rather than saying OTC is a market, it's more like another door into the investment world—a door leading to a broader range of assets and more flexible trading.
What exactly is OTC over-the-counter trading?
OTC (Over The Counter) refers to a trading method where investors do not trade on centralized exchanges but instead buy and sell various assets directly through decentralized channels such as banks, brokerages, phone, electronic systems, etc. In simple terms, it is trading that occurs outside formal exchanges.
The core feature of OTC trading is that prices are negotiated directly between the trading parties, rather than being generated through a unified bidding system like in centralized exchanges. The counterparties are highly diverse, including banks, securities firms, corporations, or individual investors.

Precious metals such as gold, silver, and copper hit new all-time highs, boosting market sentiment. The three major U.S. stock indices rose consecutively, with technology stocks performing well. The foreign exchange market remains stable, and cryptocurrencies experienced slight adjustments. The dovish tone from the Federal Reserve has strengthened, leading to a minor adjustment in the global reserve landscape. Geopolitical tensions have intensified, and U.S.-Ukraine negotiations are at a standstill. Chip supply chain dynamics are frequent, and the U.S. bond market has seen slight adjustments.

Market Overview: USD/JPY Plunges as Options Market Braces for Storm
Today’s market is a bit unsettled. The Bank of Japan raised interest rates by 25 basis points as scheduled, pushing the rate to 0.75%—the highest since 1995. Sounds hawkish, right? But Governor Ueda Kazuo’s comment "Next steps are to be determined" directly undermined market expectations, causing the USD/JPY exchange rate to plummet, down 1.05% to 157.09. In simple terms, the market isn’t craving rate hikes per se, but certainty.
The US stock market reacted much more positively. Before the open, Dow futures rose 0.14%, S&P 500 futures up 0.33%, and Nasdaq 100 futures up 0.43%. Chip stocks collectively gained ground, with NVIDIA(NVDA) up 1.36%, Tesla(TSLA) up 1.13%, and Oracle(ORCL) surging 5.95%, driven by T

In recent months, the Chinese Renminbi has shown an unexpectedly strong appreciation trend. The market generally believes that this is not merely a technical breakthrough but a strategic adjustment at the policy level. As of November 26, the onshore USD/CNY exchange rate fell to 7.0824, and the offshore USD/CNY even dropped to 7.0779, hitting a new low in over a year. During the same period, the CFETS Renminbi Exchange Rate Index reached 98.22, touching a high for the year.
The central bank's precise guidance and the policy logic behind the steady appreciation of the Renminbi
The driving forces behind the Renminbi's appreciation stem from two aspects: the Federal Reserve's interest rate cut cycle releasing liquidity, and the People's Bank of China (PBOC) continuously guiding market expectations through daily midpoint setting (allowing spot exchange rates to fluctuate within 2% around the midpoint). More notably, state-owned banks frequently intervene in the foreign exchange market by buying US dollars to stabilize exchange rate fluctuations, ensuring a smooth and orderly appreciation process.
This approach is similar to that of 1998 Asian

The AUD/USD is one of the top five most traded currency pairs globally, characterized by high liquidity and low spreads, attracting countless short-term traders and medium- to long-term investors. However, when looking at a longer time horizon, the overall performance of the Australian dollar over the past decade has been disappointing—ranging from 1.05 in early 2013 to a depreciation of over 35% by the end of 2023, while the US dollar index has risen by 28.35% during the same period. What economic secrets are hidden behind this?
Why is the Australian dollar becoming weaker: the main victim of the strong dollar cycle
The AUD has long been regarded as a high-yield currency, but over the past ten years, it has struggled with depreciation. The fundamental reason is not a single factor but a comprehensive strong dollar cycle suppression.
From a fundamental perspective, the Australian economy is highly dependent on commodity exports—iron ore, coal, energy—defining its "commodity currency" nature. When China's economy is strong, the AUD benefits significantly; when global demand weakens, the AUD first